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What's driving the ANZ share price today?

It's proving a good day for ASX bank shares, along with the broader market.

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • ANZ is among multiple ASX banking shares rising today 
  • ANZ today advised of changes to the company's executive 
  • The bank's economic team is forecasting the RBA to lift rates by 0.25% in November 

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is in the green today.

ANZ shares are rising 1.3% and are currently trading at $25.74 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 1.8%.

Let's take a look at what could be impacting the ANZ share price today.

Smiling man sits in front of a graph on computer while using his mobile phone.

Image source: Getty Images

What's going on?

ANZ is not the only ASX bank share rising today. Commonwealth Bank of Australia (ASX: CBA) shares are jumping 1.88%, while National Australia Bank Ltd (ASX: NAB) shares are up 1.48%. The Westpac Banking Corp (ASX: WBC) share price is leaping 2.26%.

In global markets, major US bank Bank of America Corp (NYSE: BAC) shares soared 6% overnight after the company reported third-quarter earnings. The bank's net interest income soared 24%, driven by "benefits from higher interest rates".

In news today, ANZ has advised of changes to the company's executive committee.

Antony Strong will join the executive committee in the role of Group Executive Strategy and Transformation. Also, Gerard Florian's role has been widened to also include group services. Florian has worked as the company's technology executive since January 2017.

ANZ CEO Shayne Elliott said:

Both Gerard and Antony are experienced executives who will continue to play a critical role in ANZ's transformation while also ensuring we remain intently focussed on our strategic priorities.

Meanwhile, the ANZ economics team is expecting the Reserve Bank of Australia (RBA) to lift the official rate by 25 basis points in November.

In a research note today, head of ANZ economics David Plank said:

The RBA's October minutes suggest a 25 bp cash rate hike in November is the most likely outcome, even if we get an upward surprise in the Q3 CPI next week. But such a result will make a move in December more likely than we currently anticipate.

ANZ share price snapshot

The ANZ share price has descended 8% in the past year, while it has lost nearly 6% this year to date.

ANZ has a market capitalisation of nearly $76 billion based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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